remortgaging advice for a friend...

ferry

My neighbour does not have internet access but is after some important info from you all..
He has left Full time paid employment and has become self employed after accepting a job working with another family member.
When it come to remortgaging time what would any potential lenders look for in his case under the new circumstances..

Thanks for any advice
F

MortgagesInc

It depends when he needs to remortgage i.e. how long he will have been self-employed. Also whether he has gone in to an exsiting business, or whether he has started as a sole trader but in conjunction with the family member

Spudwud

U can remortgage no matter how long you've been self employed. Some companies will ask you to sign a piece of paper saying what your income is and support it by evidence that you are actually self employed (company invoice for example). Other lenders may ask for an accountants letter, some lenders will load the interest rate to reflect the higher risk involved and some will want to see full company accounts.

Whatever your situation, you can remortgage when self employed whether you've been so for 10yrs or 10days

MortgageMamma

If you friend has at least 10% equity there will be a lender somewhere willing to do this for best options speak to a whole of market broker

ferry

Many thanks for the excellent advice which i have passed on..:T

MortgagesInc

You can spud, but whether it's worth doing given the loading that would be applied is another matter - would more than likely be better value staying with his current lender, as chances are they wouldn't ned to underwrite again